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1st LD: Caixin service PMI slips to 52.6

Xinhua, March 3, 2017 Adjust font size:

China's service sector slowed in February, as a private survey showed Friday that an index for the sector fell from the previous month.

The Caixin General Services Purchasing Managers' Index (PMI) slipped to 52.6 in February from 53.1 in January and the 17-month high of 53.4 in December 2016, according to the survey conducted by financial information service provider Markit and sponsored by Caixin Media Co. Ltd.

A reading above 50 indicates expansion, while a reading below 50 represents contraction.

New orders placed with service providers continued to climb last month on improved demand and expansion into new markets, but the growth rate was unchanged from that in January.

Figures published on Wednesday showed the Caixin China General Manufacturing Purchasing Managers' Index (PMI) rose to 51.7 last month from 51.0 in January.

As a result, the Caixin China Composite Output Index, which covers both manufacturing and services, rebounded to 52.6 in February from 52.2 in the previous month. Endi